Supply and Demand 0.0 / 5 ? BusinessSupply and DemandA2/A-levelEdexcel Created by: eugenehardyCreated on: 02-03-17 16:55 Complementary goods goods that are purchased together because they are consumed together 1 of 20 Demand the quantity of a product bought at a given price over a given period of time 2 of 20 Demand curve a line drawn on a graph that shows how much of a good will be bought at different prices 3 of 20 Inferior goods goods for which demand will fall if income rises or rise if income falls 4 of 20 Normal goods goods for which demand will rise if income rises or fall if income falls 5 of 20 Substitute goods goods that can be bought aa an alternative to others, but perform the same function 6 of 20 Subsidy a grant given to producers, usually to encourage produciton of a certain good 7 of 20 Supply the amount of a product that suppliers make available to the market at any given price in a given period of time 8 of 20 Supply curve a line drawn on a graph that shows how much of a good sellers are willing to supply at different prices 9 of 20 Equlilbruim price the price where supply and demand are equal 10 of 20 Excess demand the postion where demand is greater than supply at a given price and there are shortages in the market 11 of 20 Excess Supply the postion where supply is greater than demand at a given price and there are unsold goods in the market 12 of 20 Total revenue the amount of revenue generated from the sale of goods calculated by multiplying price by quanity in a given period of time 13 of 20 Price elastic demand a change in price results in a greater change in demand 14 of 20 price elasticity of demand the responsiveness of demand to a change in price 15 of 20 Prince inelastic demand a change in price results in a propotionately smaller change in demand 16 of 20 Discretionary expenditure non-essential speding or spending that is not automatic 17 of 20 Income elastic demand the percentage change in demand for a product is propotionately greater than the percentage change in income 18 of 20 income elasticty of demand the responsiveness of demand to a change in income 19 of 20 Income inelastic demand where the percentage change in demand is proportionately less than the percentage change in income 20 of 20
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